January 17, 2024 — Featured News

Originally appearing in Money on Jan. 17, 2024, Adam Hardy talks to NCLC’s Carla Sanchez-Adams about the CFPB’s proposed overhaul of overdraft fees that could collectively save Americans an estimated $3.5 billion a year.

Carla Sanchez-Adams, a senior attorney at the nonprofit National Consumer Law Center (NCLC), says that overdraft fees typically run about $35 dollars and have no relationship to the actual cost of the bank covering the overdraft.

“It’s just profit,” Sanchez-Adams says. “They’re penalizing you for being poor.”

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